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| JUNE 2008
Hong Kong to offer tax cuts for energy and waste facilities Hong Kong will soon introduce one-off and accelerated tax cuts for environment-friendly machinery and installations, the Hong Kong Special Administrative Region (HKSAR) government. A 100 percent deduction under profits tax will be provided in the year of purchase for the capital expenditure incurred on the provision of eligible machinery according to a government official. The amendments will be made to the tax law upon the passing of a Revenue Bill by the Legislative Council, the HKSAR government said in a statement. Environmental protection machinery includes low-noise construction machinery or plants registered under the Quality Powered Mechanical Equipment system, certain waste treatment, wastewater treatment and air pollution control machinery or plant. Environmental protection installations, mainly renewable energy installations, include solar photovoltaic installations, wind turbine installations, thermal waste treatment installations, and certain energy efficient building installations. The reductions will also be available to those who own or have been using environmental protection machinery or installations before implementation of the proposal. |
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